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LXi REIT PLC (LXI)

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idpickering
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Re: LXi REIT PLC (LXI)

#501446

Postby idpickering » May 19th, 2022, 7:34 am

Dividend Declaration.

The Board of LXi REIT plc (ticker: LXI), th e specialist inflation-protected very long income REIT, is pleased to declare an interim quarterly dividend in respect of the quarter ended 31 March 2022 of 1.5 pence per ordinary share, payable on 24 June 2022 to shareholders on the register at 27 May 2022. The ex-dividend date will be 26 May 2022. This delivers on the Company's annual dividend target of 6.0 pence per ordinary share for the year to 31 March 2022.

The dividend will be paid as a Property Income Distribution ("PID") in respect of the Company's tax exempt property rental business.

The Company continues to target an annual dividend of 6.3 pence per ordinary share for the year which commenced on 1 April 2022*. This represents a 5% increase over the 6.0 pence per ordinary share dividend for the year ended 31 March 2022.


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Re: LXi REIT PLC (LXI)

#504256

Postby idpickering » June 1st, 2022, 4:25 pm

Publication of a Circular and Prospectus.

Further to the announcement on 11 May 2022, regarding the proposed recommended share offer with a partial cash alternative for Secure Income REIT plc ("SIR") by LXi (the "Rule 2.7 Announcement"), LXi is pleased to announce that it has published the combined circular and prospectus (the "Combined Circular and Prospectus") today. The Combined Circular and Prospectus will be available, subject to certain access restrictions, on the Company's website (https://www.lxireit.com/proposed-offer- ... disclaimer), at the Company's registered office at 6th Floor, 125 London Wall, London, EC2Y 5AS, and at the National Storage Mechanism via https://data.fca.org.uk/#/nsm/nationalstoragemechanism .

The Combined Circular and Prospectus and the Notice of General Meeting to be held at the offices of Stephenson Harwood LLP, 1 Finsbury Circus, London EC2M 7SH at 10.00 a.m. on 22 June 2022 is expected to be posted to LXi Shareholders shortly.

LXi also notes that a copy of the Combined Circular and Prospectus and the Scheme Document is expected to be made available to SIR Scheme Shareholders. The Scheme Document contains, amongst other things, notices convening the SIR Court Meeting and the SIR General Meeting.


https://www.investegate.co.uk/lxi-reit- ... 13505870N/

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Re: LXi REIT PLC (LXI)

#507930

Postby idpickering » June 17th, 2022, 4:11 pm

Further to the above;

Publication of Supplementary Prospectus.

Further to the publication of the combined circular and prospectus on 1 June 2022 (the "Combined Circular and Prospectus") relating to the proposed merger of the Company with Secure Income REIT plc (the "Merger"), the Company announces the publication today of a supplementary prospectus (the "Supplementary Prospectus"). The publication of the Supplementary Prospectus follows the release of the Company's annual results for the year ended 31 March 2022.

The Supplementary Prospectus is supplemental to, and should be read in conjunction with, the Combined Circular and Prospectus.

Copies of the Combined Circular and Prospectus and Scheme Document are, and a copy of the Supplementary Prospectus will shortly be, subject to certain access restrictions, available on the Company's website ( http://www.LXiREIT.com/proposed-offer-f ... isclaimer/ ) and on SIR's website at http://www.SecureIncomeREIT.co.uk/inves ... -reit-plc/ and at the Company's registered office at 6th Floor, 125 London Wall, London, EC2Y 5AS until Admission. Copies of the Combined Circular and Prospectus and the Supplementary Prospectus have also been submitted to the National Storage Mechanism of the FCA at https://data.fca.org.uk/#/nsm/nationalstoragemechanism . Neither the contents of these websites nor the content of any other website accessible from hyperlinks on such websites is incorporated into, or forms part of, this announcement.

The expected date of completion of the Merger remains 6 July 2022, as set out in the expected timetable of principal events in the Combined Circular and Prospectus. In the event of any change to the dates and/or times of the expected timetable for the Merger, the revised dates and/or times will be notified to Shareholders by announcement through a Regulatory Information Service.


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Re: LXi REIT PLC (LXI)

#508880

Postby idpickering » June 22nd, 2022, 4:42 pm

Furtherv to the above;

MERGER VOTE AT THE GENERAL MEETING PASSED WITH OVER 99.9% SUPPORT.

Further to the publication of the combined circular and prospectus on 1 June 2022 (the "Combined Circular and Prospectus") relating to the proposed merger of the Company with Secure Income REIT plc ("SIR") (the "Merger"), the Board is pleased to announce that the ordinary resolution put forward at its General Meeting held earlier today was passed.

The text of the resolution can be found in the Notice of Meeting contained in the Combined Circular and Prospectus, which can be found on the Company's website ( http://www.LXiREIT.com/proposed-offer-f ... isclaimer/ ).

Commenting on the results, Cyrus Ardalan, Chairman of LXi said:

"We are delighted to receive such a high level of support for our Merger proposal from shareholders.

The combination of these two strongly performing and complementary businesses provides us with a tremendous opportunity to deliver and create enhanced value, resilience and significant attractive growth opportunities for all our shareholders. We greatly appreciate the support of shareholders in giving us such an overwhelming vote of confidence in our collective vision for the future."

At the time of the above meeting, the Company's issued share capital consisted of 911,569,741 Ordinary Shares. The Company held no shares in treasury. Therefore, the total number of Ordinary Shares with voting rights was 911,569,741. Each Ordinary Share held entitles the holder to one vote and there are no restrictions on those voting rights. A "Vote Withheld" is not a vote in law and is not counted in the calculation of the percentage of shares voted "For" or "Against" a resolution.

The Merger is also subject to approval by the SIR Shareholders at the SIR Court Meeting and the SIR General Meeting, the results of which are expected to be announced by SIR shortly, and the satisfaction of certain other conditions as described in the Scheme Document.


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Re: LXi REIT PLC (LXI)

#512504

Postby idpickering » July 7th, 2022, 2:30 pm

Again, further to the above;

Completion of the Merger and Admission of Shares.

Further to the announcement by Secure Income REIT plc and LXi REIT plc ("LXi" or the "Company") on 6 July 2022 in relation to the Scheme becoming effective in accordance with its terms, LXi announces that Admission of the Enlarged Share Capital and commencement of dealings in the New LXi Shares became effective at 8.00 a.m. today.

As set out in the Scheme Document, New LXi Shares in uncertificated form are expected to be credited to CREST accounts on or after 8.00 am on 7 July 2022 (but no later than 20 July 2022) and definitive share certificates for the New LXi Shares in certificated form are expected to be dispatched by no later than 20 July 2022.

The New LXi Shares rank pari passu in all respects with the Existing LXi Shares in issue, including the right to receive and retain dividends and other distributions declared, made or paid by the Company by reference to a record date falling after the Effective Date.

The Company now has 1,714,473,236 Ordinary Shares in issue and admitted to trading on the London Stock Exchange's main market, each such share carrying one vote (the Company holds no shares in treasury).

This figure may be used by LXi Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.


https://www.investegate.co.uk/lxi-reit- ... 30066037R/

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Re: LXi REIT PLC (LXI)

#515837

Postby idpickering » July 20th, 2022, 7:13 am

Fixing of debt cost.

The Board of LXi REIT plc (ticker: LXI), the specialist inflation-protected very long income REIT, announces that, following the completion of the merger with Secure Income REIT and the drawing of the £385 million acquisition facility ("the Acquisition Facility"), the Company has fully hedged the cost of the Acquisition Facility using an interest rate cap. As a result, 100% of the enlarged group's debt is either fixed or capped, with the same maximum all-in rate of 4.1% pa.


https://www.investegate.co.uk/lxi-reit- ... 00050359T/

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Re: LXi REIT PLC (LXI)

#517679

Postby idpickering » July 27th, 2022, 3:38 pm

Notice of 2022 Annual General Meeting.

The Board of LXi REIT plc announces that its 2022 Annual General Meeting ("AGM") will be held at the offices of Stephenson Harwood, at 1 Finsbury Circus, London EC2M 7SH at 2.00 p.m. on 5 September 2022. The Notice of AGM has been posted to shareholders and is also available on the Company's website at http://www.lxireit.com . In addition, a copy of the 2022 AGM notice has been submitted to the Financial Conduct Authority and will shortly be available for inspection from the National Storage Mechanism at https://data.fca.org.uk/#/nationalstoragemechanism.


https://www.investegate.co.uk/lxi-reit- ... 44259642T/

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Re: LXi REIT PLC (LXI)

#527858

Postby idpickering » September 6th, 2022, 8:01 am

Profitable income strip sale for £257M, 2.96% NIY.

The Board of LXi REIT plc (ticker: LXI), the specialist inflation-protected very long income REIT, is pleased to announce the following sale and debt repayment which are accretive to the Company's earnings, represent a valuation uplift to book value and reduce the Company's loan-to-value ("LTV") level.

Sale of income strip

The Company has sold a 65 year "income strip" representing 30% of the annual rental income received from the Company's Thorpe Park and Alton Towers assets, operated by Merlin ("the Properties"), to a UK institution for £257 million, reflecting an attractive net initial yield of 2.96% (the latest book value of the freehold interest in the Properties is a 4.25% NIY).

The innovative structure comprises of the Company selling the freehold in the Properties to the buyer, with 999-year leases granted back to the Company, pursuant to which the Company pays the buyer an annual aggregate rent of £8.2 million (reflecting a small proportion of the underlying EBITDA generated by Merlin). The Company can acquire the freehold back from the buyer for a nominal price of £1 in year 65, hence the term "income strip".


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Re: LXi REIT PLC (LXI)

#531228

Postby idpickering » September 21st, 2022, 10:50 am

Statement Regarding Press Speculation.

Further to recent press speculation, the Board of LXi REIT (ticker: LXI), the specialist inflation-protected very long income REIT, confirms that it is currently in discussions to acquire from Sainsbury's, on a sale and leaseback basis, a portfolio of 18 prime grocery store assets predominantly located in Southern England locations and to be let to Sainsbury's Supermarkets Limited (the "Target Portfolio").

The Target Portfolio benefits from several defensive characteristics including: strong trading performance, very low and sustainable indexed rents, long-term 'green' leases, low site coverage and modern buildings that provide omni-channel sales optionality.

The Company anticipates that the Target Portfolio could be acquired for approximately £500 million, equating to a net initial acquisition yield of approximately 5.0 per cent., which the Company would seek to fund through a mix of new equity and debt in-line with its existing borrowing policy.

As such, the Company will be discussing with potential investors the possibility of an equity raise in order to part-fund the acquisition of the Target Portfolio. Should any equity raise occur, it is expected to have an issue price set at a premium to the Company's estimated NAV per Ordinary Share as at 31 July 2022 (unaudited) of approximately 142 pence, reduced by the interim dividend of 1.575 pence per Ordinary Share that is expected to be declared shortly in respect of the quarter ended 30 June 2022.

As no binding terms with Sainsbury's Supermarkets Limited have been agreed, there can be no certainty that the acquisition, or the associated equity raise, will take place. A further announcement will be made if and when appropriate.


https://www.investegate.co.uk/lxi-reit- ... 38271176A/

I hold both LXI and SBRY.

Ian.

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Re: LXi REIT PLC (LXI)

#531410

Postby idpickering » September 22nd, 2022, 7:23 am

Exchange of contracts on Sainsbury's portfolio.

Further to its announcement of 21 September 2022, the Board of LXi REIT (ticker: LXI), the specialist inflation-protected very long income REIT, is pleased to confirm that the Company has now exchanged contracts to acquire from Sainsbury's, on a sale and leaseback basis, a portfolio of 18 prime grocery store assets predominantly located in Southern England and to be let to Sainsbury's Supermarkets Limited (the "Target Portfolio").

The purchase price of £500 million equates to a net initial acquisition yield of 5.0 per cent., which is accretive to the Company's portfolio yield of 4.7 per cent.

The Target Portfolio benefits from defensive characteristics including strong trading performance, low and sustainable rents (averaging £17.25 per sq ft), new 15-year lease terms, five yearly upward only CPI inflation-linked rent reviews (capped at 4 per cent. per annum compounded) and attractive 'green' lease provisions. The Target Portfolio comprises modern buildings all with strong ESG credentials including A or B EPC ratings, on large plots with low site cover, and providing omni-channel sales optionality.

The Target Portfolio has a robust tenant covenant being 100 per cent. let to Sainsbury's Supermarkets Limited, the main trading company of J Sainsbury plc. Sainsbury's is the UK's second largest grocery retailer, with 14.6 per cent. market share and a market cap of £4.6 billion.

Completion of the acquisition is conditional upon the Company raising the necessary equity funding, for which the Company is currently in discussions with investors. The balance of the purchase price will be funded via a debt facility, which is anticipated to be drawn at an accretive and attractive, low all-in maximum rate of 1.5 per cent. per annum and otherwise on terms in-line with the Company's borrowing policy.


https://www.investegate.co.uk/lxi-reit- ... 00102256A/

As I mentioned above, I hold both LXI and SBRY.

Ian.

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Re: LXi REIT PLC (LXI)

#531415

Postby idpickering » September 22nd, 2022, 7:35 am

MAIDEN POST-MERGER DIVIDEND DECLARATION.

The Board of LXi REIT plc (ticker: LXI), the specialist inflation-protected very long income REIT, is pleased to declare the first post-merger interim quarterly dividend in respect of the quarter ended 30 June 2022 of 1.575 pence per ordinary share, payable on 18 November 2022 to shareholders on the register at 30 September 2022. The ex-dividend date will be 29 September 2022. This is in line with the Company's annual dividend target of 6.3 pence per ordinary share for the year to 31 March 2023*.

The dividend will be paid as a Property Income Distribution ("PID") in respect of the Company's tax exempt property rental business.


https://www.investegate.co.uk/lxi-reit- ... 00192257A/

Ian.

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Re: LXi REIT PLC (LXI)

#532324

Postby idpickering » September 26th, 2022, 7:23 am

Update on target Sainsbury's portfolio purchase.

Following its announcement on 22 September 2022 and detailed and supportive discussions with its shareholders, the Company has notified Sainsbury's of its decision not to proceed further with the portfolio purchase or equity funding given the current stock market volatility.


https://www.investegate.co.uk/lxi-reit- ... 00095337A/

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Re: LXi REIT PLC (LXI)

#536202

Postby idpickering » October 10th, 2022, 7:16 am

Trading Update and Notice of Half Year Results.

The Board of LXI REIT (ticker: LXI), the specialist inflation-protected very long income REIT, announces an update ahead of its results for the half year ended 30 September 2022 ("the Period"), which will be released on Thursday, 24 November 2022.

Cyrus Ardalan, Chairman of LXI, commented:

" Against the challenging macroeconomic backdrop, investors can take comfort in LXI's resilient, highly diversified, triple-net portfolio of secure, long-dated and inflation-protected real estate assets. Our growing income, robust 100% fixed or capped debt position and the Board and management team's strong alignment with shareholders further supports our confidence in continuing to deliver on our fully covered and progressive dividend."

Operational metrics

Following the merger with Secure Income REIT which completed in July, the Company owns a substantial, highly diversified, triple-net portfolio of secure, long-dated, inflation-protected real estate assets.

The portfolio is 100% let on very long-term leases averaging 26 years to first break to a wide range of strong tenant covenants across a diverse range of robust property sectors . 98% of the rent is inflation-protected or contains fixed uplifts.

The Company's strategy focuses on relationship driven forward fundings and sale and leasebacks in structurally supported sub-sectors, with strong underlying property fundamentals and low starting rents.

Accretive capital recycling, inflation-protected income and a conservative, fully hedged debt pool further supports the Company's fully covered and progressive dividend. The Company has delivered a compounded dividend growth rate of 5% per annum on a fully covered basis and an average total NAV return of 10.5% per annum since IPO in 2017.*

There is strong alignment with shareholders via the largest Board and Management stake of any major UK REIT, totalling £140 million, and low management fees averaging less than 65 bps and payable on market capitalisation.

Rent collection and rental growth.

The Company has collected 100% of rents due in respect of the Period.


https://www.investegate.co.uk/lxi-reit- ... 00052453C/

I hold these in my HYP, and am pleased with what they've said in this announcement. I'm likely to add to my holdings over the coming months.

Ian.

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Re: LXi REIT PLC (LXI)

#546631

Postby idpickering » November 15th, 2022, 8:16 am

Notice of Half Year Results.

LXI REIT (ticker: LXI), the specialist inflation-protected very long income REIT, will announce its half year results for the six months ended 30 September 2022 on Thursday, 24 November 2022.

A Company presentation for investors and analysts will take place via a live webcast and conference call at 9.00am UK on the day.

To access the live webcast, please register in advance here:

https://www.lsegissuerservices.com/spar ... 1907082f57


https://www.investegate.co.uk/lxi-reit- ... 00063565G/

Ian.

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Re: LXi REIT PLC (LXI)

#549486

Postby idpickering » November 24th, 2022, 7:21 am

INTERIM RESULTS FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2022.

· Dividends per share totalled 3.15p in respect of the half-year (30 September 2021: 3.00p per share), which represents 5% growth on the previous six-months

· Total net tangible asset (" NTA ") return of 0.1% for the half-year (30 September 2021: 9.0%)

· Since IPO, the Group has delivered an annualised total accounting return of 10.1% pa compounded, well ahead of our 8%+ medium term target4

· EPRA earnings per share (" EPS ") were 3.6p and Adjusted cash EPS were 3.1p for the half-year (30 September 2021: 2.6p), representing full dividend cover for the period. The current run rate is materially higher than these figures given the period (i) only included two months of the merger efficiencies and benefits5, (ii) reflected deployment of a significant capital raise, and (iii) did not include the earnings accretive 'income strip' sale which completed following the period end

· Portfolio independently valued at £3,656.6m, reflecting a six-month like for like change of -1.4%. The movement reflects an outward yield shift of 40 bps to 4.9% at 30 September 2022 (31 March 2022: 4.5%), offset by 2.5% like for like rental growth6

· The Group's net assets increased by 88.2% to £2,448.2m (31 March 2022: £1,300.7m), driven predominantly by the share for share element of the merger with Secure Income REIT plc (" SIR plc ") (the " Merger ")

· EPRA NTA per share (ex-dividend)2 of 139.7 p (31 March 2022: 142.6p), reflecting a half-year decline in value of 2.0%, primarily driven by yield expansion across certain property sectors in response to wider economic conditions and the costs associated with the Merger, which represented less than 1% of the combined portfolio value1 offset by the value generated by the Merlin 'income strip' sale

· Pro forma net loan to value (" LTV ")3 ratio of 33% (31 March 2022: 22%), with significant headroom to our medium-term borrowing policy cap of 40% and substantial covenant headroom. We remain committed to a conservative medium-term LTV target of 30%

The UK's leading sector diversified REIT

· During the period, LXi REIT plc merged with Secure Income REIT plc to create the UK's leading sector-diversified, long income REIT, with a substantial, defensive and resilient portfolio

· The scale achieved provides a strong foundation to deliver secure attractive long-dated and growing income returns and capital protection to our shareholders

· The Group owns an inflation-protected portfolio of 348 properties that are 100% occupied with an aggregate valuation of £3.7bn at 30 September 2022, contracted annual rental income of £200.7m and a WAULT to first break of 26 years

· Our assets are well diversified across a broad range of resilient sub-sectors with high barriers to entry, strong underlying property fundamentals and low starting rents, and are let on very long-term leases to tenant counterparties that have demonstrated strong performance throughout previous economic cycles

· Our properties are strategically important to the operations of our broad range of institutional-quality tenants

· Our shareholders continued to benefit from the certainty provided by the Group's highly diversified, triple-net portfolio of secure real estate assets, our conservative and 100% fixed or capped debt position and our very low cost base

And later;

On 24 November 2022, the Company announced a second quarterly dividend in respect of the year ended 31 March 2023 of 1.575p per share which will be paid on 4 January 2023 to shareholders on the register at 2 December 2022


https://www.investegate.co.uk/lxi-reit- ... 00044241H/

Ian.

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Re: LXi REIT PLC (LXI)

#549488

Postby idpickering » November 24th, 2022, 7:28 am

Issued separately for some reason;

Dividend Declaration.

The Board of LXi REIT plc (ticker: LXI), th e specialist inflation-protected very long income REIT, is pleased to declare an interim quarterly dividend in respect of the quarter ended 30 September 2022 of 1.575 pence per ordinary share, payable on 4 January 2023 to shareholders on the register at 2 December 2022. The ex-dividend date will be 1 December 2022. This is in line with the Company's annual dividend target of 6.3 pence per ordinary share for the year to 31 March 2023.

The dividend will be paid as a Property Income Distribution ("PID") in respect of the Company's tax exempt property rental business.


https://www.investegate.co.uk/lxi-reit- ... 00084243H/

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Re: LXi REIT PLC (LXI)

#550904

Postby idpickering » November 29th, 2022, 3:15 pm

Appointment of Joint Corporate Broker.

The Board of LXi REIT (ticker: LXI), the specialist inflation-protected very long income REIT, announces the appointment of Barclays Bank PLC ("Barclays") as the Company's joint corporate broker alongside existing joint corporate broker Jefferies International Limited, with immediate effect.

Barclays is authorised by the Prudential Regulation Authority ("PRA") and regulated in the United Kingdom by the Financial Conduct Authority and the PRA. Barclays is acting exclusively for the Company and no one else in connection with the corporate broking services or any other matters referred to in this announcement.


https://www.investegate.co.uk/lxi-reit- ... 29499662H/

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Re: LXi REIT PLC (LXI)

#552879

Postby idpickering » December 7th, 2022, 7:12 am

SHARE PURCHASE BY JOHN WHITE, PARTNER AND FUND MANAGER OF THE COMPANY'S INVESTMENT ADVISOR.

The Board of LXI REIT (ticker: LXI), the specialist inflation-protected very long income REIT, announces that John White, Partner and Fund Manager of the Company's Investment Advisor, LXI REIT Advisors Limited, acquired 167,000 ordinary shares in the capital of the Company ("Ordinary Shares") at 118 pence per share and 57,245 Ordinary Shares at 118.17 pence per share for a combined total cost of £264,706 on 6 December 2022.


https://www.investegate.co.uk/lxi-reit- ... 00088792I/

It is nice to see some confidence in LXi by an investor. I hold, and intend topping up my holdings over the coming months.

Ian.

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Re: LXi REIT PLC (LXI)

#554717

Postby idpickering » December 14th, 2022, 7:09 am

Accretive lease regears on 122 Travelodge hotels.

The Board of LXI REIT (ticker: LXI), the specialist inflation-protected very long income REIT, is pleased to announce that it has exchanged contracts with Travelodge Hotels Limited on a material and accretive lease regear initiated by LXI on all of the 122 Travelodge hotels which formed part of the Secure Income REIT ("SIR") portfolio. The 12 Travelodge hotels which formed part of the LXI REIT portfolio have already been regeared or were new forward fundings.


https://www.investegate.co.uk/lxi-reit- ... 00046138J/

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Re: LXi REIT PLC (LXI)

#567100

Postby idpickering » February 9th, 2023, 8:47 am

DIVIDEND DECLARATION AND Q3 TRADING UPDATE.


The Board of LXi REIT plc (ticker: LXI), the specialist inflation-protected very long income REIT, is pleased to declare an interim quarterly dividend and provide a trading update for the quarter ended 31 December 2022.

Cyrus Ardalan, Chairman, commented:

"Despite the challenging wider macroeconomic backdrop, LXI REIT continues to deliver excellent operational results that help to underpin our growing income.

Our "3R" priorities for 2023 include executing on our refinancing, recycling capital, and re-gearing some of our leases to extend our WAULT. We have made strong progress in these areas, with a material and comprehensive refinancing at an advanced stage and the completion of the Travelodge regear in this quarter. We look forward to providing further announcements on these in due course.

Meanwhile, our resilient and defensive portfolio of mission critical assets continues to benefit from embedded rental uplifts, and the attraction of long income real estate continues to be demonstrated in the investment markets."

Dividend Declaration

· The Company today declares a dividend of 1.575 pence per Ordinary Share. This is in line with the Company's annual dividend target of 6.3 pence per ordinary share for the year to 31 March 2023.

· The dividend will be paid as a Property Income Distribution ("PID") in respect of the Company's tax-exempt property rental business.

· The timetable is set out below:

Ex-Dividend date: 16 February 2023

Record date: 17 February 2023

Dividend payment date: 10 March 2023



https://www.investegate.co.uk/lxi-reit- ... 00073743P/

Ian.


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